Common use of Failure to Pay Other Debt Clause in Contracts

Failure to Pay Other Debt. (a) The Borrower or any Subsidiary of the Borrower fails to pay principal or interest on any unsecured Debt aggregating more than $10,000,000 or any secured Debt when due and any related grace period has expired, or the holder of any of such other Debt declares such Debt due prior to its stated maturity because of the Borrower’s or any Subsidiary’s default thereunder and the expiration of any related grace period; (b) Panhandle Eastern or any of its Subsidiaries fails to pay principal or interest on any other Debt aggregating more than $50,000,000 when due and any related grace period has NEWY1\8114089.7 expired, or the holder of any of such other Debt declares such Debt due prior to its stated maturity because of Panhandle Eastern’s or any such Subsidiary’s default thereunder and the expiration of any related grace period; (c) CCC or any of its Subsidiaries fails to pay principal or interest on any other Debt aggregating more than $10,000,000 when due and any related grace period has expired, or the holder of any of such other Debt declares such Debt due prior to its stated maturity because of CCC’s or any such Subsidiary’s default thereunder and the expiration of any related grace period; or (d) the holder of any Debt aggregating more than $10,000,000 of Citrus Corp. declares such Debt due prior to its stated maturity because of Citrus Corp.’s default thereunder and the expiration of any related grace period.

Failure to Pay Other Debt. (a) The Borrower or any Subsidiary of the Borrower fails to pay principal or interest on any unsecured Debt aggregating more than $10,000,000 or any secured Debt when due and any related grace period has expired, or the holder of any of such other Debt declares such Debt due prior to its stated maturity because of the Borrower’s or any Subsidiary’s default thereunder and the expiration of any related grace period; (b) Panhandle Eastern or any of its Subsidiaries fails to pay principal or interest on any other Debt aggregating more than $50,000,000 when due and any related grace period has NEWY1\8114089.7 expired, or the holder of any of such other Debt declares such Debt due prior to its stated maturity because of Panhandle Eastern’s or any such Subsidiary’s default thereunder and the expiration of any related grace period; (c) at any time that the aggregate amount of all Citrus Investments exceeds $10,000,000, CCC or any of its Subsidiaries fails to pay principal or interest on any other Debt aggregating more than $10,000,000 when due and any related grace period has expired, or the holder of any of such other Debt declares such Debt due prior to its stated maturity because of CCC’s or any such Subsidiary’s default thereunder and the expiration of any related grace period; or (d) at any time that the aggregate amount of all Citrus Investments exceeds $10,000,000, the holder of any Debt aggregating more than $10,000,000 of Citrus Corp. declares such Debt due prior to its stated maturity because of Citrus Corp.’s default thereunder and the expiration of any related grace period.

Failure to Pay Other Debt. (a) The Borrower or any Subsidiary of the Borrower fails to pay principal or interest on any unsecured Debt aggregating more than $10,000,000 or any secured Debt when due and any related grace period has expired, or the holder of any of such other Debt declares such Debt due prior to its stated maturity because of the Borrower’s or any Subsidiary’s default thereunder and the expiration of any related grace period; (b) Panhandle Eastern or any of its Subsidiaries fails to pay principal or interest on any other Debt aggregating more than $50,000,000 when due and any related grace period has NEWY1\8114089.7 expired, or the holder of any of such other Debt declares such Debt due prior to its stated maturity because of Panhandle Eastern’s or any such Subsidiary’s default thereunder and the expiration of any related grace period; (c) CCC or any of its Subsidiaries fails to pay principal or interest on any other Debt aggregating more than $10,000,000 when due and any related grace period has expired, or the holder of any of such other Debt declares such Debt due prior to its stated maturity because of CCC’s or any such Subsidiary’s default thereunder and the expiration of any related grace period; or (d) the holder of any Debt aggregating more than $10,000,000 of Citrus Corp. declares such Debt due prior to its stated maturity because of Citrus Corp.’s default thereunder and the expiration of any related grace period.